The Central banking body of the country is working to create a regulatory framework for bitcoin-payments and payments and other cryptocurrencies to eliminate abuse in the area of money laundering and the use of the financing of terrorism, writes CoinDesk.
“Virtual currency may go beyond the means of payment and turn into tokens of the second generation, represent the benefits of belonging to the assets, such as stock or bond certificate. It is a financial activity that falls under a regulatory framework MAS”, the Minister said the monetary authority of Singapore (MAS) Tharman Shanmugaratnam.
He said although MAS “controls “cryptomnesia such as bitcoin and ether”, he did not intend to regulate them. However, some peripheral actions will require a legal framework, he said.
The Minister also said that the volume of trade in cryptocurrencies in Singapore is relatively small. Only about 20 of the Singapore retailers accept bitcoin, according to the Central Bank.
As reported, Singapore turned the banking system on the blockchain.
See also: Malaysia will create rules for the treatment of cryptocurrencies